Pricing Your Home Not Too High, Not Too Low, But Just Right!

By: Jeffrey & Irene Joseph

Pricing Your Home Not Too High, Not Too Low, But Just Right!

Tags: PRICING YOUR HOME, OVERPRICING YOUR HOME, HOME UNDER VALUE, GTA REAL ESTATE, SELLING YOUR HOME, REALTOR INFORMATION, REAL ESTATE TIPS

What is my home worth and how do I price it right without giving it away?
The value of your house is a significant financial commitment, and numerous variables must be considered when determining the right purchase price. Please be assured that we do not select winners at random from a hat.
 
We've learned the hard way that overpricing a home can scare away a potential buyer.
It is common for purchasers to say "no, not interested" without even making an offer, only to return later when the price has been dropped to an acceptable level and make a purchase. If the item is underpriced, many potential buyers will likely make bids, resulting in an auction effect and an increase in price that could rise by tens of thousands of dollars.
 
Market conditions play an important role in determining price.
The job market and current mortgage rates both play a role in determining the worth of your house, but the buyer ultimately decides that. When a home’s pricing is appropriate, buyers will have to pay the entire amount.
 
Time constraints: Are you bound by a time frame in which to sell?
Is it possible that a change in employment or a move might delay the closing date? Sometimes taking a day or two off might help you finish a project faster and get to where you want to be on schedule. When it comes to making a statement, less really is more!
 
A Comparative Market Analysis: (which differs from an appraisal),
Using this tool will show you collective data of recently sold houses in your neighbourhood, how long they were on the market, price reductions, and any unsuccessful listings (listed houses on the market but failed to sell).
 
Location: This is the number one issue for every buyer. 
Even before they ask, "how much," most buyers want to know "where" the property is located.
The value of a property in one neighbourhood may be lower or greater than in another. Many home buyers have a long list of “I wants”, such as schools, shopping malls, public transportation, and easy access to major highways.
 
Exploring the field: Do your homework
Attend open houses in your area to see how your house stacks up against the competition. Then you may see how much each house sold for after you're done. This will assist you in developing a factual understanding of the worth of your own home.
 
Expertise: Trusting your real estate agent’s experience can go a long way.
When seeking advice, aim to be as unbiased as possible. Emotions might cloud your judgement about your house's worth. Your house or condominium must sell itself; the realtor must sell the value. The main goal is to list your home at a price that brings in offers, period. A property that is overpriced may not be able to do this and may eventually become stale.

As your realtors, we'll get everything "just right"!
 
If you’re in need of a professional real estate agent, contact Jeffrey Joseph today! Most of his time will be spent researching your neighbourhood, studying the real estate market, and most importantly, selling your home for the best price!